Hi guys,
I have been in the market for a daily driver. I would love to get some advice from you all. Honda is running a lease special for $199/month on their Accord LX. I wonder if anything can beat that? To be honest, I dont really care what kind of car it is as long as it's reliable and cheap. Are you guys aware of any other lease specials from other manufacturers? Another option might be to pay cash for a cheap car, say under $10k. I just don't want my NSX to be a daily driver. All advice is appreciated. Thanks guys!

 

How much down for that $199 lease? Cheap monthly payments don't mean much if they first ask for an arm and a leg down, up front, for it.

However, in general, the Accord, like its archrival Camry, is a good car to lease because of its extreme popularity both as a new and used car. This translates into very high residual values for good, clean, undamaged used Accords....and, with the wear-and-tear clauses, you are EXPECTED to return the car clean and undamaged....there is a penalty if you don't. The residual value is the value that the car is projected to have at the end of its lease term...typically 2 to 4 years. With popular crs like the Accord, that means low depreciation...and low monthly payments, since you, in effect, by leasing rather than buying, are in effect renting the car for the lease term and paying only for the difference between the new and residual prices, plus perhaps an added amount of profit for the dealership.

If it's just low payments you want for a reliable car as a daily driver, you might be able to get a Civic for even less....particularly a DX model.

 

I believe the down payment was around $2k. I asked about a Civic lease and it was more expensive. The money factor on the Accord is .00096. Extremely low!

 

I have looked at the Accord/Camry (to buy) and ended up with a Legacy Wagon (b/c I prefer awd over fwd). I just looked and the Legacy lease (with MT) was $275/mo with no down (except tax and title fees which you have to pay with any car, I bet Accord $2K down you'd still have to pay tax and title on top of that). The Legacy has several more features than the LX Accord.

The LX Accord has drum brakes and 15" wheels with wheel covers, this may or may not be important, the Accord SE has better equipment (alloy wheels, disc brakes etc.) for not a lot more money.

 

That would figure, since Honda is coming out with an all new Accord next year, they want to get the old iron off the lot.

 

Also you need to look at mileage allowance. Some leases look pretty good until you discover that they only cover about 500 miles a month. You have to be a pretty good estimator of your mileage you will use - If you underestimate, it's a lump sum payment at the close of the lease (and in some states, taxable even if for business use). If you overestimate, well, too bad Charlie, you just paid for miles you didn't use. If you grossly overpaid, you may be able to buy out the lease at a good price and sell the car privately to recover some of your investment. YMMV

 

This may be more than what you are looking for but I am throwing it out there anyway. A friend just bought a new Accord SE V6 for $20.8K before TTL.

 

Just buy an used $10k Accord. I'm gussing but I think that price range will get an 2000 or 2001 maybe? I like that body style too.

 

2K and $199 a month is not bad. If you like the car, and can accept the mileage and wear-and-tear terms, I'd say go for it.

 

500 a month? That's only 6000 miles a year. I won't doubt your word, but personally I have never seen one that low. Typically it is 10,000-15,000 miles a year......12,000 is about average.

 

I am not sure about 02-present but don't buy these model years (98-01). Their transmissions are crap and I am speaking from experience. Mine 01 took a dump on me at 78K. and I personally know people with their tranny took a dump more than once.

 

Yeah, the mileage allowance is 12k/year. That's plenty for me. Thanks for the heads up on the transmission issues of the older Accords. I just need to decide if I am going to lease or buy. If I buy, the car will be under 10k for sure.

 

2K down and 199/mo... 12k/year. I would go for it. It meets your requirement of 12k/year and a budget of $10K in 3 years and you get to drive a new car under warranty. A mechanically sound $10K used car is ok also,, but there are always risks involved with used car unless it still has the warranty.

Good Luck!

 

Really? I have a friend with a supercharged 01 V6 coupe W/ automatic tranny and he hasen't had any problems yet, he has around 80k miles on the car. I'm not doubting you, just saying what I know. I'm not big into Hondas thought so IDK much.

 

For a daily driver just buy used Accord 4 cylinder. Only the V6 transmissions have potential long term issues. The trans on the 4 cylinders are solid. I actually drove the NSX as a daily for a little while. Good fun. I ended up buying a used Lexus SC400 to be a daily for $6500 later though. Since you have the nice weekend car sitting at home, don't spend money on the daily driver. Just get something cheap and reliable that gets the job done. I actually ride a moped to work now